This is definitely a historic event.
JD.com is going to issue a stablecoin pegged to the Hong Kong dollar at a 1:1 ratio. If they don’t get the approval from the top, they won’t dare to do it. In the past, the most taboo thing was to peg cryptocurrencies to fiat currencies. Now that this forbidden zone has been opened, it means that the Eastern giant really can’t give up the stable market to the United States!
JD.com: Will issue a stablecoin based on a public blockchain and pegged to the Hong Kong dollar at a 1:1 ratio in Hong Kong.
On July 24, according to Cailian News, JD.com will issue a cryptocurrency stablecoin pegged to the Hong Kong dollar at a 1:1 ratio in Hong Kong. According to the official website of JD Technology Group’s subsidiary JD CoinChain Technology (Hong Kong), JD Stablecoin is a stablecoin based on a public chain and pegged to the Hong Kong dollar (HKD) at a 1:1 ratio. It will be issued on a public blockchain, and its reserves will consist of highly liquid and credible assets, which are safely stored in independent accounts of licensed financial institutions, and through regular disclosure and audit reports.
The integrity of the reserves will be strictly verified. Earlier on July 18, the Hong Kong Monetary Authority announced the list of participants in the "Sandbox" for stablecoin issuers, including Jingdong Coinlink (Hong Kong).